Accounting Equation Problem 2

You are given following transactions.

  1. Kamal started a business with cash Rs. 30,000 and machinery Rs. 10,000.
  2. Purchased goods worth Rs. 15,000 from Bikash and partially paid Rs. 5,000.
  3. Cash deposited into bank Rs. 10,000.
  4. Paid to Bikash Rs. 9,000 in full settlement of his account.
  5. Loan received from NCC Bank Rs. 12,000.

Required: Accounting Equation.

S.No.TransactionsAssets=Capital+Liabilities
1Business started with cash and machinery+30,000
+10,000
+40,0000
Beginning Equation40,000=40,000+0
2Goods purchased on cash and credit+15,000
-5,000
010,000
New Equation50,000=40,000+10,000
3Cash deposited into bank+10,000
-10,000
00
New Equation50,000=40,000+10,000
4Paid to Bikash-9,000+1,000-10,000
New Equation41,000=41,000+0
5Loan received from NCC Bank+12,0000+12,000
Final Equation53,000=41,000+12,000
Note: If anybody have confusion in above given solution then comment me below.

Accounting Equation Problem 2 Accounting Equation Problem 2 Reviewed by Ashim Shrestha on December 27, 2017 Rating: 5

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